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What Is the Contribution of a Small Business in the Economy?

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What is the contribution of a small business in the economy? [pic 1]

Read pages 16 and 17 of the Business Management Book to help you answer the following questions. Some of the questions require internet research.

1

Describe what an economy is.

A system set up to determine what to produce, how to produce and whom production will be distributed.

2

What are the 3 basic questions that we must ask about an economy system?

What goods and services are produces?

How do we produce those goods and services?

Who will receive the goods and services produced?

3

Provide 3 examples of exported products that Australia produce.

Iron ore, Fish and Bananas

4

Provide 3 examples of imported products that Australia produce.

Clothes, Fruit and Computers

5

Explain what it means “Market Capitalist Economy”. Why Australia’s economy is considered a Market Capitalist Economy?

6

What are the 3 main contributions of small business to the economy?

Will create further opportunities for job creation.

Small businesses employed approximately 50 per cent of 4.9 of all private sector employees.

Drive employment growth in Australia.

7

How does employment and taxation revenue contribute to the economy?

Is used to provide goods and services that may benefit the whole community, such as a better education system.

8

Research how much the GDP of Australia was in 2013, 2014, 2015? (if possible)

2013: 1563.9

2014: 1454.68

2015:

9

What can cause the rise of GDP?

The low export and imports of Australia

10

What is the current unemployment rate in Australia?
What are some of the causes for low employment rates in Australia?

5.8% is the unemployment rate

People tend to quit their jobs after 2 years and don’t have the right qualifications for other types of jobs.

11

What is the current tax rate on income?

0 – $18,200

Nil

 

$18,201 – $37,000

19c for each $1 over $18,200

$37,001 – $80,000

$3,572 plus 32.5c for each $1 over $37,000

 

$80,001 – $180,000

$17,547 plus 37c for each $1 over $80,000

$180,001 and over

$54,547 plus 45c for each $1 over $180,000

12

Complete the following sentence:  Economic Growth occurs when the R….. value of G…… and S……… increases over a period of T………………

Raw, Goods, Services and Taxation

13

What does GDP stand for?

Gross Domestic Product

14

In 2013 how much percent of small businesses contributed to the GDP? Research which industry contributed the most. (If you can)

50%

15

Differentiate between an export and import of goods.

Import refers to an item coming inside a country from any other country while export refers to an item going out of the country to any other country of the world.

16

What are some implications of importing all of the countries’ goods?

18

What can be done to reduce the high rates of importing goods?

19

Go on the ABS website:
 http://www.abs.gov.au/ausstats/abs@.nsf/mf/8165.0

How much percent did business entry rate increase by?

What were some of the possible reasons for this increase?

20

How much percent did business entry rate decrease by?

What do you think cause the decrease?

21

Which industry had the biggest entry and exit?

Explore the other stats to increase your awareness.

...

...

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